The contract quantity shall be 5 Megawatts hours (MWh). Transaction sizes for trading in any delivery month shall be restricted to whole number multiples of the number of off-peak hours in the month. Each futures contract shall be valued at the contract quantity multiplied by the settlement price.

The current year plus the next five calendar years. A new calendar year will be added following the termination of trading in the December contract of the current year.

Settlement Method

Deliverable

Floating Price

The Floating Price for each contract month will be equal to the arithmetic average of the NP15 EZ Gen Hub Real-Time LMP for all off-peak hours provided by California ISO (CAISO) for the contract month. For settlement of this contract, the prices provided by CAISO will be considered final on the payment date stated in Rule 266.09 and will not be subject to any further adjustment.

Off-Peak shall mean Monday through Saturday Hour Ending (HE) 0100-0600 and 2300 through 2400 Pacific Prevailing Time (PPT) and Sunday HE 0100-2400 PPT including North American Electric Reliability Corporation holidays.

Settlement Procedures

Delivery under the contract shall be by cash settlement. Final settlement, following termination of trading for a contract month, will be based on the Floating Price. The final settlement price will be the Floating Price calculated for each contract month.

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